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Tunisia borrows $55 mln from Germany to ‘modernize’ education

Tunisia signed a loan agreement worth $55 million from the German Development Bank, repayable over 15 years

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Tunisia signed on Friday a loan agreement with Germany enabling it to borrow 45 million euros ($55 million) to “modernize” more than 300 of its educational institutions, the official Tunisia Agency Press (TAP) reported.

“Granted by the German Development Bank (KFW), the credit is repayable over 15 years with a 5-year grace period and an interest rate set at 3 percent,” Tunisia’s Minister of Finance Hakim Ben Hammouda told the press.

TAP said the project allows for the building, refitting and equipping of 59 new educational institutions and the fitting out of 310 others located in different regions in Tunisia.